Oil Prices Cut by Another P1 a Liter

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In Singapore, oil prices fell below $ 106 a barrel Tuesday in Asia -- $ 10 below its close Friday before the US Labor Day weekend -- as investors shifted their focus to slowing global demand after worries about Hurricane Gustav subsided.

Light, sweet crude for October delivery was trading at $ 106.03 a barrel in electronic trading on the New York Mercantile Exchange midafternoon in Singapore, and at one point dropped as low as $ 105.46.

The price trend-setter this time should have been Flying V of the Villavincencio group, having imposed the cut-back at all of its stations starting 5:00am of September 3.

But Unioil Petroleum Philippines jumped the gun on competitors when it implemented its rollback of the same amount, but earlier at 12:01 am. …

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